Business

CEO Of Silicon Valley Bank Spotted In Hawaii, Where He Owns A $3.1 Million Mansion

Greg Becker, the CEO of Silicon Valley Bank, has eluded authorities and left for his opulent residence in Hawaii amid the financial turmoil brought on by the failure of the business. Becker and his wife were photographed in Maui, where they allegedly own a $3.1 million townhouse.

Despite the bank’s problems, the pair flew first class to Hawaii.

Becker is under investigation for selling over $3 million in SVB stock just days before the bank disclosed its massive losses. He has sold nearly $30 million in bank stock in the last two years.

SVB, a significant startup lender, went bankrupt last week after a sudden rush on deposits. Regulators eventually confiscated it.

According to the report, the California-based company reported a significant effect on business due to remote work nearly a month before its collapse.

It is noteworthy that he began working for Silicon Valley Bank in 1993 as a lending officer. Mr. Becker, according to SVB’s website, led the company’s growth to include four main businesses servicing the innovation sector: global commercial banking, venture capital and credit investing, private banking and wealth management, and investment banking.

An overview of Silicon Valley Bank

Silicon Valley Bank, founded in 1983, was America’s 16th largest bank. Prior to its demise, it served nearly half of all venture-backed technology firms in the United States.

The greatest retail banking failure since the global financial crisis occurred on March 10, 2023, when US regulators closed Silicon Valley Bank (SVB) and took possession of its money. With the bank’s liquidation, the Federal Deposit Insurance Corporation is now in charge of over $175 billion in customer deposits (FDIC). The National Bank of Santa Clara, a new institution established by the FDIC, will now hold all of Silicon Valley Bank’s assets.

The action was taken following a dramatic 48 hours that saw the share price of the high-tech lender crash amid a run on deposits by anxious clients.

Also read: Manish Sisodia’s ED Custody Extended By Delhi Court Until March 22

Spriha Rai

Recent Posts

Sensex Falls 931 Points As Trump’s Tariff Move Triggers Global Selloff

The Sensex dropped 930.67 points, or 1.22 per cent, to settle at 75,364.69. It moved…

1 hour ago

Supreme Court To Hear Muslim Side’s Plea In Mathura Dispute On April 8

The SC will hear the Muslim side’s petition in the Mathura Krishna Janmabhoomi dispute on…

1 hour ago

DNA Can’t Confirm Rape Without Proof Of Lack Of Consent: Delhi High Court

Justice Amit Mahajan said that even if DNA proves the accused is the biological father…

2 hours ago

Supreme Court Allows Yasin Malik To Cross-Examine Witnesses Via Video From Tihar Jail

The SC allowed Yasin Malik to cross-examine prosecution witnesses via video conferencing from Tihar jail,…

2 hours ago

Delhi HC Orders Customs To Stop Seizing Personal Jewellery Of Air Passengers

The Delhi HC directed Customs Department officials not to confiscate old or personal jewellery worn…

2 hours ago

PM Modi Unveils 21-Point Action Plan To Boost BIMSTEC Cooperation At Bangkok Summit

Prime Minister Narendra Modi on Friday unveiled a 21-point action plan at the BIMSTEC Summit…

4 hours ago